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Let’s Talk About Crypto Scams

3 Mins read

We have entered the digital era. Everything that existed physically has transformed into a digital existence.

This digital era gave rise to cryptocurrency (and people are loving it!).

Essentially, cryptocurrency is a digital currency that only exists electronically. So, you can use your gadgets to buy and sell cryptocurrencies.

Investors and businesses have rushed to embrace crypto. Investors aim for massive gains while businesses are equally captivated due to its convenience.

Carl Runefelt is a global crypto leader and investor who has invested in more than 360 crypto startups. He firmly believes that the future is all crypto.

He says, “Crypto is genuinely game-changing, and it represents a massive transformation for the global economy and, indeed, the whole globe. It represents a paradigm change.”

But with great opportunities comes greater risks!

Scammers and online fraudsters are always on the lookout to steal your hard-earned money through crypto.

Here’s a cursory glance at some of the things that you should know to steer clear of these miscreants:

Scammers will often demand funds in crypto:

Remember, if there is a legitimate business that is not going to demand funds in advance. This is especially true for cryptocurrency. Be on your toes to avoid paying anyone who demands crypto in advance – they are likely scammers.

Scammers will often guarantee higher profits than usual:

They will often try to lure you into an investment with fake promises of higher returns. You should be wary of such claims.

People who meet on online dating apps are scammers often:

Looking for a relationship online and wants to make a lot of money in life? Well, never mix these things together; keep them separate. Often people you meet in online dating apps may ask you to invest in crypto for higher gains. That’s a scam!

The above are some of the important tips to keep in mind. Let’s have a look at some of the common investment scams out there that you should be aware of:

You receive a call from a so-called investment manager one day:

This sounds familiar, right? One day you’ll get a call from an investment manager out of the blue asking you to invest in crypto. They’ll even show you their online website (that amazingly looks real but not) and tries to woo you into transferring your crypto into their account. Guess what? Most likely, they are scammers. They’re praying on your money to make fraud.

You come across a celebrity who claims to multiply your money through crypto:

More often than not, you get in touch with celebrities on social media. But that’s not the case here. They will contact you as a celebrity and ask you to click on a dubious link. Once you do that, your money is gone! You won’t ever get that back. That was a scammer!

You are being promised free money:

Nothing is free in this world. If someone claims that you can get free money or coupons by investing in their fake schemes, you’re one click away from fraud. These are scammers who promise free cryptocurrency, but that’s actually not the case.

You meet someone online (someone with a love interest) who promises to give you higher returns in crypto:

Remember, the moment you meet someone on a dating app who is giving investment bits of advice to multiply your money, know this; it is a scam! Act with your brain, not with your heart. Being emotional will never make you rich!

Scammers will not delve into details but will only make big claims:

If you ever come across someone in your life that promises great returns and profits but never get into the nitty-gritty, keep in mind, that person is likely going to rip you off. On your part, you should always ask questions and explanations until you’re sure what you’re getting into. You wouldn’t jump in the pool without knowing how to swim, would you?

Crypto Gives Higher Returns But Beware of Scammers

Crypto has made cashiers into billionaires. It’s a modern kingmaker. But there are fraudsters out there that won’t leave any stone unturned to steal your money. So they use crypto as a guise!

Remember, crypto is safe (thanks to blockchain technology) but always be wary of online scammers.

Carl Runefelt perfectly explains to those who say that crypto is unsafe to invest, “I know that for the fact that you cannot hack Bitcoin. You can hack exchanges which is something different but not Bitcoin. It’s important to understand that you can hack YouTube, you can hack banks, or literally any internet company out there, but you cannot hack Bitcoin. This is because the blockchain is very robust.”

So invest today carefully and enjoy tomorrow gleefully!

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